This time last year I was blowing every paycheck I had on going out every night and vacationing all the time, while living at home.

I'm gonna play devils advocate here....Why are you attempting to convince him that REI is better than investing in the stock market if you yourself can't explain to him why it is?

There's a very small niche of us who are the turnkey advocates.

Then you might start out small with amounts releasing a little at a time.This will make your friend be a steward more with the money than blow it all at once mismanaging.

http://www.naahq.org/read/apt-advocate/income-bill-defeated-IndianapolisEven if it passed, it isn't a "mandate" as the OP suggested.

The reason is not that your necessarily going to blow through them.. its for that event that is unforeseen..

@Owen D.Wow, that's a very hard triple blow to absorb.But, the pain could have been tempered in my view,  if you had purchased home warranty service for each property.I have this "insurance" at all my properties and in the event of an issue with any appliance, heating and/or AC I request a dispatch.

It just really blows my mind when I see stuff like this happen.

That led to high vacancy numbers and high expense ratios (we're talking over 100% expense ratios... blowing the 50% rule out of the water, and this is in year 1!).

Better in my mind to lend money than own.Just like the hedge funds are starting to do now with their loan programs.Devils advocate and food for thought